Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1887-07-23
THE STATE OF TRADE.
BUSINESS PROSPECTS GOOD THROUGHOUT
THE COUNTRY.
The B. & O. Failure ShrS up Wall Street and the
Prospective Litigation Keeps Hands of the
StOek-MOnsy in Good Supply-Whsat
Low-IrOn and Steel, Etc.

New YORK, July Or. G. Dun x
Co.'S weekly review of trade says;
Business is progressing well through
out the country, cropprospects are
xcellent aud iron production larger
than at any previous period, and
money in abundant supply. Wall street
is disturbed because of deal it has been
chasing for months suddenly fades away
and Mr.. Garrett announces the failure OF
Mr.. Ives to buy the Baltimore and Ohio.
The incident illustrates the weakness Of
Wall street as barometer. For four
months the street has been discounting
the beneficial results of this expected set
tlement, and all sorts of purchases, loans,
commitments aud calculations have been
based thereon. But for these, the reten-
ton of the B. & o. by its old owners
would disturb nobody. But now litiga-
ton involving the value of many proper
ties directly and indirectly has been COM
menced, and may overclOud them with
uncertainty for some time, and meanwhile
no one wants to buy share in law suit.
WHEAT
at Sl3 cents for No. red winter in July is
lower than it has been before in that month
for more than forty years and close to the
lowest price for that period in any month.
This is the direct result of 4 speculation
which drew many million bushels from
farmers hands where cost of carrying was
nothing, into the hands of dealers who are
anxious TO unload it before new wheat
comes. The twenty million bushels in
few elevators are heavier than fifty million
bushels would be i'll farmers bins. Small
purchases from from farmers for some time
to come are probable and the consequent
delay in demand for money to Use in crop
moving may possibly he helpful. Prices
generally are low, i'll spite of many specu
latOrs As evidence of the absorption
of floating capital in fixed forms, and
its effects, it may be stated that the
same quantities OF articles representing
nine tenths of the aggregate consumption
of the country, which could have been
bought year ago for 500 would now cost
only about SlOO.30, and they were not 4
point higher in January last. So small Il
change prices after an expansion of $685.
600, 900 during the year in circulation is
surprising.
Cotton is tending downward, with liqui-
datiOn following several important fail
ureS, but goods are comparatively scarce,
and prices well maintained. WOOlens are,
rs usual, unsatisfactory, with foreign com
petition ut low prices, combining with u
slack demand for goods to discourage pro-
duCerS.
But some kinds of
IRON AND STEEL
look stronger, though the market for
steel rails seems less firm. A sale of - 600
tons of Bessemer iron at $50 is reported,
and at the same time large sale of rails
for Pacific delivery ut prices below cur
rent quotations. Reports from all PARTS
OF the country are uniformly favorable as
10 the state OF trade for the season. Col
lectiOns are reported good or fair at all
points save two. Crop prospects are pro-
nounced more favorable, though the ex-
tent of damage done by drouth and land
insects cannot he exactly determined
Failure to enforce the Interstate act, ~
was expected, results in disappointment TO
some localities, but the volume of eX-
changes and returns of railroad
earnings show business il, on
the whole, larger than year ago
Anxiety about the supply OF
money for fall revives the discussion of
treasury operations but indications are that
no purchases of bonds will be made, it il
can be avoided. The treasury has taken
IN -, 900, 600 more than it has paid out
during the past week, but large disburse-
ments are expected about August lst. Ex-
ports improved for three weeks, having ex-
ceeded last years by 6 per cent against
lJ-l6 per cent on imports Foreign ex-
change tends upwards, however and some
sales of securities on foreign accounts are
reported
The business lailurs during the last seven
days number for the United States l47,
Canada p; total l12, compared with l79
last week, and 1873 in the corresponding
week Of last year.